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ClearView Financial Advice refunds clients over poor life insurance advice

Australia's ClearView Financial Advice Pty Ltd. compensated over 200 clients who received poor life insurance advice that included inadequate information and disclosure.

The company reviewed 4,269 files from 279 advisers and remediated 215 clients a total of A$730,138 in financial compensation, the Australian Securities and Investments Commission said in a Sept. 18 release. Another 21 clients received nonfinancial remediation through reissued advice documents and fee disclosure.

This came after ASIC found issues of noncompliant advice during a 2014 industry-wide review of retail life insurance. A sample review of ClearView's advice files had showed broad areas of concern such as inadequate explanations on the pros and cons of using superannuation to fund insurance premiums, and poor disclosure on replacement products.

Among other things, ClearView then reviewed its advisers' personal insurance advice and found that some advisers did not undertake adequate "needs analysis" for clients.

ClearView Financial Advice is a unit of ClearView Wealth Ltd.